One item of interest found in the employees ethical code published by Wells Fargo, is that they have established what they call EthicsLine. This allows employees to contact an investigator (employed by Wells Fargo) to report any violations of the ethics code. The line is anonymous under most circumstances; only reports that involve criminal activity are require that the caller states any personal information. This allows employees an avenue to report any unethical behavior safely. This is extraordinarily efficient way to promote ethical behavior. However, Wells Fargo did not implement this item by choice; it is now required by corporations by comply with the Sarbanes-Oxley Act of 2006. Therefore, it is unclear if Wells Fargo would have this option if it was not required of them.
Ethical Violations
Wells Fargo has been accused of unethical behavior frequently throughout the last decade. Most recently, there have been numerous complaints about predatory lending practices. The web is flooded with allegations of examples of predatory lending and since Wells Fargo is the largest mortgage lender in the country is certainly not exempt from these allegations. Watchdog groups such as the Inner City Press (ICP) document many of the resulting laws suits. One law suit in Baltimore, and another in Memphis, alleges that Wells Fargo charged high interest rates to people of color; they call them "ghetto loans."
Another interesting development listed on the ICP website is Wells Fargo's refusal to provide the State of California any assistance with its current financial crisis. This is fairly ironic for two reasons. The first is that Wells Fargo received a federal bailout...
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